In a recent analysis of the motor monitoring industry, Future Market Insights (FMI) predicted that the market will grow at a strong CAGR of 8% between 2022 and 2032.
The Motor Monitoring Market is anticipated to reach a valuation of US$ 2.9 Bn by 2026 from US$ 2 Bn in 2021, expanding at a rate of 8% CAGR over the forecast period. The great popularity of predictive maintenance is one of the primary market trends for motor monitoring, and it supports a strong sales outlook.
Two significant factors influencing the growth of the motor monitoring system market are the expanding use of wireless communication technology in machine condition monitoring and the rising need for predictive maintenance.
The employment of a motor monitoring system has been made necessary by the move toward automated systems in the automotive sector. Additionally, as demand for effective working systems has developed to achieve greater performance and fuel efficiency, the requirement for motor monitoring systems has grown.
In the aerospace business, motor monitoring sensors are commonly employed in trucks, buses, cranes, and airplanes. Optimistic for market growth is the smooth integration of autonomous electric motors in aerospace and aviation.
The modernization of existing power infrastructure to meet the world’s energy needs has accelerated the motor control market’s global acceptance. Businesses are being forced to engage data analysis staff as a result of the rising use of predictive maintenance and other motor monitoring modules. This team needs to have a solid understanding of motors and how they work in particular machines to get accurate data on the health of motors.
The indirect cost to firms will consequently increase. The key factor impeding the growth of the motor monitoring market during the forecast period is the lack of qualified professionals available at fair pricing.
KEY TAKEAWAYS:
- Popularity of hardware is anticipated to remain high over software and services during the forecast period.
- Mission-critical applications are rising, which prompts a high adoption of online motor monitoring systems.
- Environmental repercussion from manufacturing plant failure makes the oil and gas industry a prominent end user.
- In 2020, North America accounted for 33.7% of the motor monitoring market share. The regional market encompasses the United States, Canada, and Mexico. An increase in demand for electric vehicles (EVs) and increased investment in infrastructure development in various end-user industries of motor monitoring is supporting the region’s growth.
Competitive Landscape
The main forces promoting innovation in the motor monitoring system market through product differentiation are novel solution offerings and predictive analytics integration. The motor monitoring market is dominated by several major firms, including ABB Group and Siemens AG. Recent changes in the market include the following:
Organizations employ a variety of marketing strategies to grow their share of the motor monitoring industry, including new launches, product development, collaboration, partnerships, and others.
Motor Monitoring Market
By Deployment Type:
- On-premise
- Cloud
By Monitoring Process:
- Online
- Offline/Portable
By End User:
- Automotive
- Oil & Gas
- Metals and Mining
- Power Generation
- Water and Wastewater Treatment
- Food & Beverages
- Chemicals
By Offering:
- Software
- Hardware
- Services
By Region:
- North America
- Latin America
- Europe
- the Asia Pacific
- Middle East & Africa
